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As printed in the OC Register / Saddleback Valley NewsWritten by Jim E. Flynn, Century 21 Beachside Realtors, Lake Mission Viejo
Oct. 16, 2009
Is Indian Summer The Fall Time For The Housing Market?
Q. Donna from Mission Viejo asked, Shouldn’t we just wait till early spring to continue our search for a house since inventories are low and most of the good properties are picked over now anyway?
A. Gosh NO. Good properties can be found now at good prices and not unless you want to gamble that interest rates, loan qualifications, etc. will all be the same in early spring. Seasonally, it is always true that when we get out of the summer and into October inventory does usually shrink however, we are getting new and adjusted listings here in Orange County every week, days. For you as a buyer Fall prices do frequently fall. Some New sellers entering the market now realize they are competing with already lowered priced and realize they must be competitive in their newly listed price. So, as we move farther into the fall inventory levels should continue to fall. However, later, we expect increased inventories which will result in more property choices should hit the market. This will be because of the Bank released properties that have been working down thru the system. These could be available sooner than spring so why wait? My Real estate partner and Broker Associate Mike and I just got two properties “green Lighted” yesterday and accepted for our clients. One had only been on the market for two days and the other for two weeks. Again, I have written in previous columns and I cannot over emphasize that the Key to getting a acceptance for most properties in this market is a full price or over price offer. Why you ask? Because this is a different market and continues to change as each month goes by. Prices have already been lowered and for the sellers are painfully competitive. Some at near breakeven levels. So, buyers, expecting to be able to offer less than a full price are being disappointed again and again as they are told by their agents that their offer was not accepted. I have talked with dozens of agents about their Bank owned, short sale transactions and I have yet to find any one that has closed an offer under asking price. Also, as I have already mentioned and written in a previous column, Days on the Market are important to consider and we are seeing a leveling off of DOM now. A good sign for Sellers but a real caution for those Buyers that do want to find a nice property before the end of this year.
Even though I did indicate the some Sellers are relisting overall, Relists are trending down. Property Relisting usually indicates that sellers are lowering the price because of buyer inactivity. What does it mean when fewer sellers relisting their homes? This usually means that sellers asking prices are being strongly influenced by buyers offers. Another added incentive is that the Buyer incentive rebate program is expected to be extended which is another good reason to not wait until spring when we are not sure what the market will be like then.
Jim Flynn is not only a successful long time Realtor at Century 21 Beachside on the lake in Mission Viejo, but has lived in Orange county for over 35 years .
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Jim
Jim E. Flynn
CalBRE license #: 01215480
Phone: (949) 463-0739